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August 27, 2008

10 Things Millionaires Won't Tell You

Wow--a very interesting article was on Yahoo today. Ever wonder what millionaires really think about their wealth (some do not think of themselves as wealthy at all), where they shop (uh..nope..not all millionaires head to Rodeo Drive!), or how many millionaires actually made their millions?

About half of all millionaires made their money by running their own businesses, according to a recent survey. And about a third made their money from working in a professional practice or in the corporate world. And only about three percent inherited their wealth.

Home equity represents just 11 percent of millionaires' total assets. "People who are serious about building wealth always want to have a mortgage," says Jim Bell, president of Bell Investment Advisors. It represents one of the few tax deductions millionaires can get.

As for shopping...Walmart is a choice of many a millionaire (hmmm...can't say I would be there if I had a million or so bucks, but oh well...)About 80 percent say they spend with a middle-class mind-set, according to a 2007 survey of high-net-worth individuals, published by American Express and the Harrison Group. That means buying luxury items on sale, hunting for bargains — even clipping coupons.

You can read the article on Yahoo Finance--it really is pretty interesting.